¶ Welcome to the MoneyMakerGroup WIKI
We are a group of enthusiasts, pushing trading onto a new level by using the BEST Bots, with the BEST Strategies!
To start making Money in the Money Maker Group, please read the GET STARTED page carefully!
Risk warning: Buying, selling, holding, or in any other way participating in cryptocurrency trading is subject to high market risk. The volatile and unpredictable nature of cryptocurrency markets may result in a loss. MMG is not responsible for any losses or damage that may incur from price fluctuations when you buy, sell, hold, or in any other way participate in cryptocurrency trading.
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¶ Do Crypto Bots Actually Work?
Many crypto trading bots purport a high level of successful trades. However, remember that the cryptocurrency market constantly changes and price trends always fluctuate. If you plan to take a completely hands-off role when it comes to investing, you may not see the same type of results that you would actively managing and reprogramming your trading bot based on market conditions.
¶ Are Crypto Trading Bots Profitable?
Crypto trading bots can help you make more educated trades and remove some of the emotions that might lead to increased losses. However, it’s important to remember that crypto trading bots are simply pieces of software. They cannot guarantee a profit for any investor and they may quickly become less useful during periods of high market volatility.
¶ Advantages of Crypto Bots
If you’re the type of trader who tends to make market movements driven more by your emotions than your trading strategy, a crypto trading bot might be able to help you enhance your trades. Some of the advantages that come with using a crypto trading bot include:
- Automated investing options: From panic selling to fear-of-missing-out buying, there are a countless reasons why a person might choose to execute a trade that causes them to lose money. When you rely on an automated investing bot, none of these factors will come into play.
- Faster speeds and more efficiency: It can take an individual trader minutes or even hours to fully scan the entire cryptocurrency market searching for opportunities. By the time you spot a potential opportunity, the market could shift in the opposite direction.
Crypto trading bots offer more efficiency, scanning entire sections of the cryptocurrency market in as little as a fraction of a second. Your crypto bot can also enter and execute orders faster than you can enter the same orders manually. If you’re looking to add another layer of speed and efficiency to your trading, employing a crypto trading bot might be the right move for you.
- More time on the market: Unlike the stock market and the forex market, the cryptocurrency market operates 24 hours a day, 7 days a week. It’s not feasible for investors to spend 24 hours trading. Crypto trading bots provide you with additional hours of exposure without requiring you to be actively monitoring your positions.
¶ Disadvantages of Crypto Bots
Cryptocurrency trading bots aren’t for everyone. Some of the disadvantages that come with using these features include:
- Prior knowledge: Though many cryptocurrency trading bots come with predefined settings and templates, you’ll need to know how to set these templates and when each template will be executed. If this is your first time trading cryptocurrencies, changing the settings on your trading bot can result in fast losses.
- Requires monitoring: Trading bots aren’t a “set-it-and-forget-it” solution to cryptocurrency trading. The cryptocurrency market is volatile, and trading bots can result in losses during periods of high volatility. If you don’t have the skills or knowledge to monitor the market, a trading bot may not be the best choice for you.
¶ Invest in a Crypto Trading Bot
If you aren’t sure cryptocurrency trading is right for you, you might want to take some time to learn more about the market by monitoring how prices change. Tracking how some of the largest cryptocurrencies move and practicing different strategies with a paper trading account can help you enter the market more effectively. A trade bot, then, allows you to dip your toes in the market while providing excellent guidance.
The data on this website is for your information only. It does not constitute investment advice, or advice on tax or legal matters.
Any information provided on this website does not constitute investment advice or investment recommendation nor does it constitute an offer to buy or sell or a solicitation of an offer to buy or sell shares or units in any of the investment funds or other financial instruments described on this website.